Binance (BNBUSD) Price Is Awaiting a Breakout at $311 Level

Binance (BNBUSD) Price Is Awaiting a Breakout at $311 Level

BNBUSD Price Analysis – March 12

There is the possibility for the price increase if the bulls increase their pressure and the $311 level do not hold, then, the resistance level at $364 and $450 is likely to be tested. The breaking down of the $254 price level will expose the coin to $196 and $142 price level.

BNB/USD Market
Key levels:

Supply levels: $311, $364, $450
Demand levels: $254, $196, $142

BNBUSD Long-term Trend: Bullish

The bulls continue to hold onto the BNB market. The bullish momentum increased in the early stage of last week’s market after few days of consolidation within $196 and $254 price levels. The buyers gained enough pressure to break up the resistance level of $254 and the price increases to test the $311 price level. It is seen on the daily chart that the bulls’ momentum is opposed by the bears and that led to price consolidation within $311 and $254.

BNBUSD Daily chart, March 12

The coin is trading above the 9 periods EMA and the 21 periods EMA while the two EMAs are distant from each other as a sign of increased bullish momentum. There is a possibility for the price increase if the bulls increase their pressure and the $311 level do not hold, then, the resistance level at $364 and $450 is likely to be tested. The breaking down of the $254 price level will expose the coin to $196 and $142 price level. However, the relative strength index period 14 is not displaying a specific direction as the signal line is parallel to the level at 60 levels.

BNBUSD medium-term Trend: Bullish

BNBUSD is bullish in the 4-hour chart. The bulls rejected a further decrease in price last week. The price consolidates for few days. The bulls pushed up the price and the $254 level was penetrated which led to an increase in price. BNB is currently consolidating above the dynamic support levels.

BNBUSD 4-hour chart, March 12

The price is trading above the 9 periods EMA and 21 periods EMA at a close distance trying to break down the two EMAs. The Relative Strength Index period 14 is pointing up at 60 levels indicate a buy signal. The price may break up $311 level.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.